- A UK investigator, Matthew Page, has revealed what corrupt Nigerian politicians spend stolen public funds on
- Page revealed that such politicians spend their ill-gotten wealth by proxies in education and houses abroad
- The UK expert added that an estimate of properties worth $400m owned by politicians are in London and Dubai
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A renowned associate fellow of Chatham House, London, Matthew Page, has revealed that corrupt Nigerian politicians use the education and real estate sectors abroad to hide the proceeds of illegal deals.
Delivering a paper on Tuesday, April 27, in Abuja, Page said investigative studies have shown that both sectors serve as opportunities for Politically Exposed Persons (PEPs) in Nigeria to steal money, Premium Times reports.
This Day reports that the Chatham House associate advised local anti-graft agencies to focus on real estate and education sectors when investigating suspected cases of Illicit Financial Flows (IFFs).
“Most of the property held by Nigerian politicians in London and Dubai are held by proxies, family, and shell companies. Over 800 properties worth over $400 million have been linked to Nigerian PEPs.”
Meanwhile, the Singaporean non-profit group, Chandler Good Government Index, had ranked Nigeria as the third-worst governed country in the world.
The report ranked Nigeria very low in governance, leadership, and foresight, scoring the country 102 out of 104 countries with a score of 0.319 points, ahead of Zimbabwe and Venezuela.
The 2021 report released on Monday, April 26, noted that the ability to handle corruption properly was the strongest indicator of good governance.
The index, which was the first in the series, scored Nigeria 0.44 on leadership and foresight; anti-corruption 0.45; long-term vision 0.47; strategic prioritization 0.41 and innovation 0.4.
The report also ranked Nigeria low in other parameters, scoring the nation 98 in leadership and foresight; 85 in robust laws and policies; 101 in strong institutions; 88 in financial stewardship; 97 in the attractive marketplace; 72 in global influence and reputation and helping people rise 98.
The CGGI explained that the ranking came during the COVID-19 pandemic, which exposed the strengths and weaknesses in institutions, laws, and leadership in countries as governance decides the success of these countries.